U.S. oil closed lower on Friday but managed to end the week slightly higher, marking its ninth straight weekly gain.
June West Texas Intermediate futures closed down 19 cents, at $59.69 a barrel. July Brent crude was 10 cents higher at $67 a barrel, also dropping more than $1 earlier in the session. Front-month Brent is on track for a weekly gain after a 1.6 percent decline last week interrupted its month-long rally.
Oil prices held steady after oilfield services firm Baker Hughes reported drillers took the fewest rigs out of U.S. oilfields since December, suggesting the collapse in drilling may be coming to an end as prices recover after falling 60 percent from June to March.
The number of rigs drilling for oil fell by eight this week to 660, after declining by 11 and 24 rigs in the prior two weeks, respectively. This time last year, U.S. drillers were operating 1,531 rigs.
With the oil rig decline this week, the number of active rigs has fallen for a record 23 weeks in a row to the fewest since August 2010, according to Baker Hughes data going back to 1987.